The last trading day of April saw the CBOT open lower and it looked like it would continue the week’s apparent theme of lower trade. Bears’ hopes were quickly dashed, however, as the market rallied starting mid-day and ended sharply higher. July corn settled limit-up and soybeans posted a 32-cent gain for the day. Even wheat, lacking much bullish news for itself, followed higher. The afternoon strength created some mild short covering with weak shorts increasingly nervous heading into a weekend of dry weather for Brazil. Funds were net buyers as they often try to improve their position heading into the month’s end. Funds are thought to have bought 20,000 corn contracts, 3,000 wheat contracts, and 10,000 contracts of soybea...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
From WPI Consulting
Weighing in on strategic realignment
WPI’s team was retained by the governing board of a U.S. industry organization to review a decision, reached by vote, to invest significant assets into the development and management of an export trading company. WPI’s team conducted a formal review of this decision and concluded that the current level of market saturation would limit the benefits of the investment. Based on WPI’s analysis and recommended actions, the board subsequently reversed its decision and undertook a strategic planning effort to identify more impactful investments. On behalf of numerous clients, WPI has not only assisted in identifying strategic paths but also advised their implementation.